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FINMA opened a consultation on September 30, 2026, on a partial revision of Circular 2017/6, “Direct transmission.” The proposed changes reflect Parliament’s June amendment to Article 42c of the Financial Market Supervision Act; the consultation closes November 27, 2026.
Switzerland’s financial regulator FINMA opened a consultation on September 30 on a partial revision of Circular 2017/6, “Direct transmission,” to reflect Parliament’s amendment of the law governing certain data transfers by supervised institutions. The consultation runs through November 27, 2026; FINMA says the revision is intended to take account of the legislative changes and enhance legal certainty for supervised institutions.
The circular sets out FINMA’s practice on direct transmission and is based primarily on Article 42c of the Financial Market Supervision Act (FINMASA), according to the regulator. Parliament amended that article on June 19, 2026. FINMA’s consultation concerns a partial revision of the circular, rather than a replacement of the law itself.
A key element of the amended article is a clearer distinction between paragraphs 1 and 3. Paragraph 3 was formerly paragraph 2, FINMA said. The distinction separates direct transfers made for financial market supervisory purposes from transfers made for other purposes, because different conditions apply to each category.
The amendment also introduces a general legal presumption for supervised institutions under Article 42c paragraph 2. For data transmissions made for financial market supervisory purposes, confidentiality and purpose limitation are in principle deemed to have been met. FINMA says the circular revision is essentially intended to reflect these broader legislative changes.
How the Law Separates Transfers
The amendment sets out a framework for supervised institutions considering direct data transfers. It distinguishes transfers for financial market supervisory purposes from transfers for other purposes, which are subject to different conditions.
For transfers made for financial market supervisory purposes, the amendment establishes a presumption that confidentiality and purpose limitation are met in principle. FINMA says the changes are intended to enhance legal certainty for supervised institutions.
FINMA is seeking feedback on how the circular should reflect the amended statute. The announcement does not detail the proposed circular provisions or explain how the regulator will assess individual cases under the revised text.
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From June Amendment to Consultation
FINMA’s existing Circular 2017/6, “Direct transmission,” is grounded primarily in Article 42c FINMASA. Parliament amended the article on June 19, 2026, and FINMA opened the related consultation on September 30. The consultation period is therefore the next public step identified in the regulator’s announcement.
The legislative change reorganizes the distinction between purposes for direct transmission: the announcement identifies paragraphs 1 and 3 as the provisions that now make the separation clearer, with paragraph 3 formerly numbered paragraph 2. It also identifies a new presumption in paragraph 2 for supervisory-purpose data transmissions. FINMA has characterized the circular work as a partial revision to take account of these overarching changes, rather than suggesting that all aspects of the circular are being rewritten.
The regulator’s announcement provides the legal rationale and dates but does not summarize the draft circular clause by clause. The published consultation materials will be needed to assess the exact proposed wording and any practical guidance beyond the changes described in the announcement.
“The aim of this amendment is to draw a clearer distinction between direct transfers made for financial market supervisory purposes and those made for other purposes, as different conditions apply to each.”
— FINMA, in its September 30, 2026 announcement
Draft Details Still Pending
FINMA’s announcement does not give the proposed circular text, explain how each provision would change, or report responses from supervised institutions or other participants. Those details are not established by the announcement and may become clearer through the consultation documents and submissions.
The regulator says confidentiality and purpose limitation are in principle deemed met for relevant supervisory-purpose transmissions. The announcement does not explain the limits of that presumption or how FINMA will treat particular fact patterns. It also does not state whether the final circular will include further changes beyond those needed to reflect the statutory amendment.
Consultation Closes November 27
Interested parties can respond during the consultation period, which ends on November 27, 2026. FINMA has not announced a publication date for a final revised circular in the source material. The next confirmed milestone is therefore the close of the consultation; any later timetable or final wording remains to be announced.
After the consultation, FINMA’s handling of feedback and the final circular will show how the regulator translates the amended Article 42c into its supervisory practice. Until then, the announced purpose is to align Circular 2017/6 with the legislative changes.
Key Questions
What did FINMA announce?
FINMA opened a consultation on a partial revision of Circular 2017/6, “Direct transmission,” to take account of Parliament’s amendment to Article 42c FINMASA.
When does the consultation end?
The consultation opened on September 30, 2026, and runs until November 27, 2026.
What changed in Article 42c?
The amendment more clearly distinguishes supervisory-purpose transfers from transfers for other purposes, which have different conditions. It also introduces a general presumption for confidentiality and purpose limitation in principle for data transmissions made for financial market supervisory purposes.
Does the announcement include the draft circular?
The announcement describes the purpose and main legislative changes but does not provide a clause-by-clause account of the proposed circular text. The specific draft details are not set out in the source announcement.
Source: primary
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